What is the most important thing to know when trying to explain reverse mortgage?
The most important thing to know about reverse mortgages is that these loans are non-recourse loans. That means the lender has no recourse if the value of the home is less than the balance owed at the time the loan is due. Secondly, it should be noted that no income or assets need to be verified in order for a homeowner to qualify for a reverse mortgage. Similarly, even if a homeowner has bad credit, as long as any liens on the property do not exceed the lending limit, a homeowner may qualify. Keep in mind that the older you are, the more money that will be made available to you through a reverse mortgage.
